ANETH FIELD

Aneth Field was discovered in 1956 and developed by Texaco, Superior, Phillips and Shell. Aneth Field is a classic "giant" oil field with original oil in place esitmated to be approximately 1.5 billion barrels. Extensive drilling and development activities were undertaken during the 1960s and secondary recovery was instituted only a few years after discovery. The field has been under waterflood since1961 and a major CO2 flood was begun on the McElmo Creek Unit in 1985. During the 1990s, horizontal drilling and additional CO2 flooding were instituted in certain areas of the field. However, because the three units were operated by different companies, coordinated field-wide activities were not possible.

Resolute’s field staff consists predominantly of members of the Navajo Nation who live in the area. Navajo Nation Oil & Gas Company also has an ownership interest in the field. We work closely with that company and the agencies of the Navajo Nation that impact our operations.

Resolute has identified several areas in which field enhancements are possible, including additional CO2 flooding, workovers and infrastructure upgrades. Resolute has completed infrastructure build-out on the majority of the Aneth Unit CO2 flood. CO2 injection began in 2007 and is now underway across approximately 75% of the unit. Production response has been established.

Resolute has a 62% working interest in the Aneth Unit, a 68% WI in the McElmo Creek Unit and a 59% WI in the Ratherford Unit

Resolute operates all three units

Year end 2014 reserves were 99% oil and 1% natural gas

Aneth At a Glance

(as of March 31, 2015, unless otherwise stated)

Total well count:

388 gross producing wells (329 vertical, 59 horizontal)

123 gross water injection wells (92 vertical, 31 horizontal)

210 gross CO2 injection wells (187 vertical, 23 horizontal)

Aneth Field contributed approximately 47% of Resolute’s production for the quarter ended March 31, 2015